Accra: The Institute of Economic Affairs has called on the Government of Ghana not to renew the mining lease of Gold Fields Ghana for the Tarkwa Mine, urging the state to pursue full Ghanaian ownership and strategic control of the country's mineral resources.
According to Ghana Web, the institute argued at a press conference that Ghana should take advantage of the expiration of the current lease in April 2027 to secure greater national benefit from one of the country's most valuable mining assets. Former Chief Justice Sophia Akuffo, former Speaker of Parliament, Professor Mike Oquaye, and Charles Mensah emphasized the need for a framework prioritizing meaningful Ghanaian ownership and control of the Tarkwa Mine.
Gold Fields Limited is seeking a 20-year renewal of five key mining leases for the Tarkwa Mine, acquired by the company in 1993. The mine is Africa's largest open-pit gold mine and produces approximately 500,000 ounces of gold annually, valued at over US$2.3 billion. The IEA noted that Ghanaian operations account for nearly 25% of Gold Fields' global production, highlighting the company's strategic interest in retaining the concession.
The institute criticized the long-term foreign control over Ghana's mineral resources, stating that it has provided limited developmental benefits to mining communities, which often suffer from inadequate infrastructure and widespread poverty. The IEA argued that the economic benefits of mining operations largely benefit foreign economies, leaving local communities marginalized.
The IEA maintained that Ghana has the technical expertise and capacity to manage the Tarkwa Mine independently, citing the University of Mines and Technology's role in producing skilled mining professionals. The institute also highlighted the involvement of indigenous firms such as Engineers and Planners and Rocksure International in major mining activities within Ghana.
Further, the institute referenced international legal instruments, including United Nations General Assembly Resolutions and the African Charter on Human and Peoples' Rights, which emphasize the right of people to control their resources. The IEA linked Ghana's economic challenges to inadequate domestic revenue mobilisation and reliance on borrowing and advocated for a national ownership model to unlock the full developmental potential of mineral resources.
The institute called on the government, Parliament, traditional authorities, labour unions, civil society organisations, and all Ghanaians to oppose any attempt to renew Gold Fields' lease.